Two more retail companies look doomed

worsleyweb said:
A ridiculous comment at the end. The party were elected by a huge majority and by many working class people in the North.
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Not really- I was saying more historic
Lords Hanson and White were Thatchers favourite businessmen and they specialised in leveredged buyouts, tearing companies apart and leaving carcasses smouldering.
An example was ICI which was a 'good' employer in that workforce was decently paid and good social benefits but that left them vunerable to the Lords, so when they started buying shares ICI broke itself up and evryone paid the price.
 
cptaidan88 said:
Seems to have been confirmed. Covid has perhaps exacerbated their issues, but they were really struggling prior to this.

Awful news for their estimated 12,000 staff, and the indirect effect it has on other businesses too.

I work in Preston, and Debenhams is pretty much the focal point of its shopping centre. Topshop features prominently on the high street too. Not sure how easily such large shops will be replaced, and if they're not replaced, fewer shoppers will go into town which affects all the other shops too.

Now would be a good time to introduce a tax on online shopping to offset business rate reductions. Something needs to be done.
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JD Sports were going to buy Debenhams a few days ago but the collapse of Arcadia has seen them think again.

A lot of the concession stores inside Debenhams is stuff such as Top Shop, Top Man, Miss Selfridge and Wallis.
 
Having worked in the Retail Business since 1992 i find it astounding how in the last 10 years how Internet shopping has completely taken over the way most people shop.

I started working for the retailer I work for now in 2013. At that time Shop sales vs online sales was around 70% vs 30%.

In 2018 for the first time in the companies history online shopping overtook shop sales by 60% vs 40%. A decision was made then to completely revamp and streamline the online business side and the business spent a LOT and I mean a lot of money upgrading the online side of the business. Short term loss for a long term gain.

It really saddens me today to see stores like TopShop and Debenhams going under. These were stores which I grow up within my retail career plus other stores like Toys R Us, Dixons etc going under.

COVID has not helped but bad management, an increase in rents in the high street and crucially high street stores not adapting to the growth of internet shopping and not updating their online business models will mean this will be the new normal now for more high street retailers.

I can see a future in maybe 10-20 years where high street shops will just be virtual showroom for customers to browse and then place an order online. Only Supermarkets will be on the high street
 
gordondaviesmoustache said:
Nothing new there. Isn't that how corporation tax is supposed to work? (but manifestly isn't).

Governments need to raise revenue somehow.
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The motivation would be different in this case. The government would be imposing a tax to revive a declining sector as opposed to just raising revenue. The issue is more complex than just whacking a tax on online retailers to divert consumers. Some successful retailers are focusing on the customer experience and improving things in store to maintain retention and claw back consumers. Specialists have an advantage as they can provide advice and support which an online retailer can't do face to face.

I sincerely hope the high street survives this dark period, I am also sure it will.
 
Actually getting amazon to pay proper taxes wouldn't hurt either. They are crippling all our other business, while barely paying anything and exploiting the work force. We are fucked if we carry on letting them carry on like they are
 
kippaxwarrior said:
Having worked in the Retail Business since 1992 i find it astounding how in the last 10 years how Internet shopping has completely taken over the way most people shop.

I started working for the retailer I work for now in 2013. At that time Shop sales vs online sales was around 70% vs 30%.

In 2018 for the first time in the companies history online shopping overtook shop sales by 60% vs 40%. A decision was made then to completely revamp and streamline the online business side and the business spent a LOT and I mean a lot of money upgrading the online side of the business. Short term loss for a long term gain.

It really saddens me today to see stores like TopShop and Debenhams going under. These were stores which I grow up within my retail career plus other stores like Toys R Us, Dixons etc going under.

COVID has not helped but bad management, an increase in rents in the high street and crucially high street stores not adapting to the growth of internet shopping and not updating their online business models will mean this will be the new normal now for more high street retailers.

I can see a future in maybe 10-20 years where high street shops will just be virtual showroom for customers to browse and then place an order online. Only Supermarkets will be on the high street
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Reckon big stores are a thing of the past

Maybe high end stuff like Selfridges can survive but honestly who wants to spend their free time in a lifeless next or Debenhams when 9 times out of 10 you can get it cheaper on line.

Smaller independants, hospitality and domestic properties will make up the high street in a few years
 
Some retail trying to diverse and keep customers in as long as possible
Next in arndale you can get a coffee, Costa I think, get haircut, even buy a car which is a bit odd
They want to keep you occupied
 
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